Oil reverses gains as investors turn cautious ahead of OPEC+ meeting; Brent at $81/bbl
₹6,470 per bbl, having swung between ₹6,420 and ₹6,500 per bbl during the session so far, against a previous close of ₹6,543 per barrel. Also Read: Crude below $80/barrel to support OMCs in near-term; ONGC, Oil India key beneficiaries of high prices -Between now and the weekend meeting, traders will get fresh insights into US fundamentals with the release of official figures on crude and product stockpiles. Nationwide crude inventories have expanded for the past four weeks to the highest since August.
-A decline in international crude oil prices will help control India's inflationary pressures going forward, the country's finance ministry said in a report on Tuesday. India's retail inflation eased in October to a four-month low of 4.87 per cent, edging closer to the Reserve Bank of India's target of 4 per cent. -India's crude oil basket has averaged $83.93 a barrel in November so far, compared with $90.08 a barrel in October, showed government data.
"The decline in international crude oil prices and continued moderation in core inflation are likely to control inflationary pressures going forward," the monthly economic report said. -The oil market is "on edge" over the latest crisis in the Middle East, the head of the International Energy Agency (IEA) Fatih Birol said at an energy conference in Norway on Tuesday. Birol also said that global oil stocks are at low levels.
-The war in Gaza between Israel and militant Palestinian group Hamas has not currently had a significantly effect on market prices, he added. However, "if one or more of the oil producing countries in the region is directly involved in the conflict, we may see the implications of that," said Birol. Oil analysts believe that Saudi Arabia and Russia might
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